Four of the UK's largest pooled pension fund providers put in disapointing results last year, according to the recent CAPS quarterly survey. PDFM, Schroders, Mercury Asset Management and Gartmore all underperfomed the benchmark in the 'mixed with property' sector yielding 14.1%, 12.1%, 12.0% and 10.8% respectively. Some of the very large players turned in a very poor performance in 1997," confirmed John Clamp, CEO of CAPS in the UK. None of the larger pooled funds (those with over £1bn ($1.6bn) under management) in fact reached the top ten which was dominated by small funds, such as Fuji, with £19m returning 27.6% and the £78m Newton Intrepid fund which saw returns of 20.4% last year. The smaller funds were also the top performers over a five year period to 1997 with the £88m Glasgow Investment Managers fund topping the league with returns of 26.2% in the same sector.The CAPS survey tracks over 80 investment houses with a combined sum of £90bn under management."

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